City to receive $ 700,000 worth of cryptocurrency in Ukraine

By the end of 2023, the authorities of a city district in the Chinese province of Jiangsu plan to distribute $ 700,000 worth of digital yuan among residents. The initiative of local managers is part of the Chinese authorities' program for the mass introduction of the People’s Bank of China (PBOC) digital currency.

The distribution of e-CNY (digital yuan) within a particular locality is carried out for the sake of using the state cryptocurrency during the upcoming local shopping festival. In Jiangsu, the distribution of digital yuan began in June, and now the authorities are preparing to launch the second wave of so-called «red envelopes.»

The upcoming round of the draw will include 30 yuan ($ 4.3) off coupons for purchases up to 100 yuan ($ 14), or 50 yuan ($ 7) off coupons for purchases worth 200 yuan ($ 28).

To participate in the draw, local residents need to apply in the My Changzhou mobile app and set up an e-CNY wallet. The digital yuan giveaway will run from July 16 to July 20. Coins and discount coupons will be available for 10,000 Chinese citizens. People will be able to spend them at the Changzhou New Century shopping center, several theme parks, supermarkets, and department stores that accept payments in the state-owned stablecoin.

Last week, the commercial Bank of China, owned by the Chinese government, launched test offline payments in digital yuan linked to the user’s SIM card. In early July, residents of Jinan were able to pay for bus fares in digital yuan using their mobile phones. The Chinese authorities have also planned a large-scale test project to pay salaries to civil servants in CBDC.